Suppose when the price of novels goes from $15 to $20 per book, production increases from 760 million books to 840 million books per year. Using the mid-point method, the price elasticity of supply is:
A. 37 percent
B. 0.77
C. 28.5 percent
D. 0.35
Answer: D
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Indicate whether the statement is true or false
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Since we live in a world of high concentration ratios,
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